-- Published: Thursday, 10 April 2014 | Print | Disqus
Gold and silver rose after the Federal Reserve minutes downplayed market expectations of an earlier than expected interest rate hike. Last it was taper which brought bullion prices down. This year going forward it will be timing of interest rate hikes by the Federal Reserve next year which will drive bullion prices. Interest rate guidance will be dependent on two key factors (a) US state elections in November (b) US economic growth. I expect US economic growth to stabilize till July and thereafter start another journey of higher growth. War always supports the party in power in US elections. Mr. Obama could have minor skirmishes with Russia and Syria to get full majority in the US senate.
Today, there is general elections in Delhi. I have voted before preparing this report. All Indians should vote on voting days and not treat it as a holiday.
TECHNICAL VIEW
COMEX SILVER MAY 2014 – current price $1999.00
Bullish over $1978.00 with $2028 and $2064 as price target
Bearish below $1954.0 with $1939-$1915 as price target
Neutral Zone between: $1954-$1978
- Silver can still rise to $2038 and $2100 as long as it trades over $1950
- Better to remain on the sidelines.
- Till next week before Easter vacations starts, as long as silver trades over $1950 downside risk will be limited.
MCX SILVER MAY - prices in Indian rupee
Silver can rise to 43100 and 43760 as long as it trades over 42600. Key long term support is at 40900 and till May future expiry there will be another big wave of selling if and only if silver trades below 40900 in US session any day.
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, metals and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employees have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information. Nothing in this article is, or should be construed as, investment advice. Prepared by Manan Somani
Disclosure: Insignia consultants or it employees do not have any trading positions on the trading strategies mentioned above. Our clients do have positions on the trading strategies mentioned in the above report.
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NOTES TO THE ABOVE REPORT
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UK session starts around 1:30 pm Indian Standard Time (+5:30 GMT) -- after the release of LME daily inventories
US session starts at 6pm pm Indian Standard Time (+5:30 GMT)
PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
APPROPRIATE STOP LOSSES PER LOT IN US DOLLARS ON THE TRADING CALLS GIVEN IN THIS REPORT
COMEX GOLD – $15-$17
COMEX SILVER: $25-$30
COMEX COPPER: $3
NYMEX CRUDE OIL: $0.60
SPOT SILVER: $0.25
SPOT GOLD: $15-$17
THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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-- Published: Thursday, 10 April 2014 | E-Mail | Print | Source: GoldSeek.com
